Trump memecoin dinner is approaching, top token holders will be scrutinized, causing security controversy

As the date of Donald Trump's dinner with top holders of his meme coin (TRUMP) approaches, the controversy surrounding the event continues to heat up. According to a message released by the TRUMP project on the X platform on May 12, the qualification review list for participating in the dinner and "VIP Tour" has been finalized, and no new token buyers will be accepted. These top holders will undergo background checks to determine whether they can attend the presidential dinner on May 22 and the "White House Reception" for the top 25 holders.Data shows that as of May 12, the top 220 wallets of TRUMP meme coins held a total of more than 13.7 million tokens, which is estimated to be about US$174 million based on the market value on that day. However, it is unclear how many of these holders will formally apply and participate in the dinner, especially in the face of regulatory scrutiny, background checks and possible political risks.According to an earlier report by Bloomberg, most of the large holders of TRUMP tokens are from outside the United States, a reality that has raised serious security and compliance concerns.The event also triggered a strong backlash from Congress and the crypto industry. Since Trump first launched the meme coin on January 20, shortly before leaving office, questions have been raised about whether he is manipulating the digital asset market for his personal benefit. Especially after the dinner was announced on April 23, calls for congressional oversight and corruption allegations have intensified, with one U.S. senator even calling for Trump’s impeachment, while some members of Congress have said they will suspend any crypto legislation until the relevant issues are clarified.One case where the controversy has further escalated comes from Freight Technologies. The company publicly announced in April that it planned to invest $20 million in TRUMP tokens and hinted that the move could be used to influence Trump’s future stance on U.S.-Mexico trade policy. Despite its large business in Mexico, the company had not yet stated whether it had been qualified to attend the meeting as of May 12.It is worth noting that there is no public information yet on which top wallet holders will apply to attend the dinner, but some wallet names such as "Sun" and "elon" have sparked speculation that they may be related to Tron founder Justin Sun and Tesla CEO Elon Musk - two Trump supporters with financial interests in Trump's presidency - who may be among the attendees. Therefore, the subsequent review results and whether the dinner will be held as scheduled will become the focus of attention of the market and politicians.